《大行報告》海通國際升美團(03690.HK)目標價至300元 指市場對支出增加已過慮
海通國際發表報告表示,認為市場對美團(03690.HK)旗下外賣平台業務的補貼支出增加及其對新業務投入過慮,該行料美團今年第三季收入可符合市場預期,估計經調整純利可高於預期。
該行料美團可逐步在內地外賣業務市場提升市場份額、旗下到店及酒店業務逐漸復蘇,並藉新業務可推動股價向上,該行維持對美團「跑贏大市」評級,上調對其目標價由283.8元升至300元。
海通國際稱,上調對美團今年每股盈利預測18%,以反映到店及酒店業務復蘇會強於預期,並調高對其2021年及2022年每股盈利預測各3%及2%。該行料美團2020年至2022年每股攤薄盈利預測各為0.88元、3.27元及5.37元人民幣。
該行估計美團今年第三季收入錄333億人民幣按年升21%,可符合市場預期,料外賣業務可按年升29%(按季升38%)、料到店及酒店業務可按年升2%(按季升39%),料其上季經調整純利10.92億人民幣,按年跌44%(按季跌60%)。
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